Airport Way

Economic Development Highlights

The Airport Way Urban Renewal Area has attracted significant private investment in real estate since 1998 when PDC began offering a series of loan and grant programs for businesses desiring to relocate to Airport Way, or to expand or modernize their existing business. Since these financing programs  have been available, PDC has provided 56 loans totaling almost $9.4 million, which have helped leverage more than $144 million in private financing. And, more importantly, these loans have resulted in the creation of more than 1,200 new jobs and the retention of an estimated 1,400 jobs. This private investment has come from companies in manufacturing, sustainable industries, bioscience, food processing, and transportation and distribution, which have either built new facilities or have invested in extensive tenant improvements on existing facilities. Such activities have stimulated increased economic activity in the area and contributed substantially to an increase in the area’s tax base. 

Notable companies that have taken advantage of PDC’s loan and grant programs include Thortex, Pierce Pacific Manufacturing, Yo Cream, ReVolt Technology, Rentrak Corp, Triad Speakers, Harry’s Fresh Foods, LaCrosse Footwear, QuantRX and LABfx. These and the other recipients of PDC assistance are exceptional employers, paying on average more than 20% above living wage salaries and providing excellent employee benefits. For more details about PDC’s economic development tools please link to www.pdc.us/bizfinance.

Financial Impact from all projects and programs:

The Airport Way Urban Renewal District has produced remarkable results for the City of Portland and the other taxing jurisdictions. The district’s frozen base in 1987/88 was $146,986,010. Today, the district’s assessed value is $1,172,810,913,  which represents a growth of nearly 800% over that 22-year period (approx. 36% per year) and the addition to the tax rolls of more than $1 billion in new development representing approximately 12 million square feet of new space.  Also significant, Airport Way has released more than $7.2 billion in assessed valuation back to the local taxing jurisdictions since 1998 and all future property taxes will be returned to the taxing jurisdictions.

Tax increment will continue to be collected and applied to existing long term bond debt service and the full valuation will be returned to the taxing jurisdictions when the bonds are paid off at maturity – scheduled to be the year 2020.

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